Governor Phil Murphy signed a package of bipartisan legislation that will help New Jerseyans struggling with foreclosure.
On Monday, April 29th, Murphy signed nine bills into law that will assist homeowners facing foreclosure and to help communities combat vacant or foreclosed homes.
“The foreclosure crisis has hurt our economy and jeopardized economic security of too many New Jersey families,” Murphy said. “Our communities cannot succeed while vacant or foreclosed homes sit empty or while families live in limbo. I am proud to sign these bills into law today and get New Jersey closer to ending the foreclosure crisis.”
“The foreclosure crisis hit the families of Atlantic County harder than almost any county in the nation. These bills offer a better path for the region and hope for families in despair,” Special Counsel Jim Johnson. “It’s a vital and important step forward.”
Murphy signed the following nine bills into law:
- A664 – Codifies the Judiciary’s Foreclosure Mediation Program; dedicates monies from foreclosure filing fees and fines.
- A4997 – “Mortgage Servicers Licensing Act.”
- A4999 – Requires filing of certain creditor contact information with residential mortgage foreclosure complaint and lis pendens.
- A5001 – Revises statute of limitations for residential mortgage foreclosures.
- A5002 – Permits certain planned real estate developments to file certain liens; concerns limited priority of certain liens.
- S3411 – Requires receivership appointment application prior to certain foreclosure actions; requires notice of intention to foreclosure on residential mortgage to be filed within 180 days prior to commencing foreclosure; limits reinstatements of dismissed mortgage foreclosure actions.
- S3413 – Makes certain changes to summary action foreclosure process under “Fair Foreclosure Act.”
- S3416 – Clarifies that “New Jersey Residential Mortgage Lending Act” applies to certain out-of-state persons and involved in residential mortgage lending in the State.
- S3464 – Revises certain procedures for real estate foreclosure sales; alters adjournment of sale process.
Many of the bills were recommended in a report from September 2018 by the Special Committee on Residential Foreclosures, which was created by Chief Justice Stuart Rabner.
According to Murphy 1 in every 1,000 homes in the state are in some phase of the foreclosure process. The state also has the highest foreclosure rate in the United States, more than double the national rate.